No provision in a home loan or a loan for a mobile home, the evidence of indebtedness of a home loan, a real estate contract or an obligation secured by a real estate mortgage or other purchase contract requiring a penalty or premium for prepayment of an installment payment or prepayment of the balance of the indebtedness is enforceable.
§ 56-8-30 NMSA 1978
No prepayment penalty on home loans
Known as the Residential Home Loan Act
The act spans §§ 56–56 (26 sections).
Laws 1980, ch. 64, § 9; 2009, ch. 151, § 1.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.